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The seven decisions, explained
Every investor faces the same seven decisions. This is the framework behind everything on Noise Cancelling, and how Neil Woodford has approached markets across thirty-five years of managing money.
9 min readThe funnel
Finding and judging the opportunity01
Where to look
Idea generation and the universe — macro, sectors, themes. Where opportunity comes from before anyone has judged it.
02Is it a good business
Quality — cash generation, balance sheet, moat, management. The judgement that separates a name from a business.
03Is it the right price
Valuation — what separates a good business from a good investment.